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HEAVY DRAIN ON DEPOSITS BLAMED Bain Institutions on South Side Have $15,860,000 e in "Vaults; 6 Closed Yesterday CHICAGO, June 9 (I.N.S.). I welve outlying Chicago banks, In all of which John Bain, financial leader, is chairman of the board, were closed today because of "heavy withdrawals following closing of several other Chicago banks." The 12 banks, as of record March 25, have total deposits of $15,860,000, total cash resources of $1,239,000, and total capital, surplus and undivided profits of $6,306,737. 6 Closed Yesterday Closing of the Bain banks followed the suspension of business at six other neighborhood banking institutions yesterday. Heavy withdrawals were made on the banks in spite of the statements of financiers that two huge mergers of downtown banks, accomplished early yesterday, had "cleared up" the banking situa. tion in the city. The banks which closed today are Armitage State Bank, Auburn Park Trust and Savings Bank, Brainerd State Bank, Bryn Mawr State Bank, Chatham State Bank. Chicago Lawn State Bank, Elston State Bank, Ridge State Bank. Stony Island State Savings Bank. West Englewood Trust and Savings Bank. West Highland State Bank and the West Lawn Trust and Savings Bank. All On South Side All of the institutions are on the South and Southwest Side. Dramatic action by officers was necessary to check runs at one or two other neighborhood banks this morning. The State Savings Bank and Trust Company, which was an affiliate of the Foreman group. today was acquired by the Liberty Trust and Savings Bank.
